HomeMy WebLinkAboutDowntown Economic Dev'mt Plan
I
City of Carmel
Hamilton County, Indiana
Carmel I1owntown
. Economic
Development Plan
April 25, 2005
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Michael R. Shaver, President
3799 Steeplechase Drive
Carmel, IN 46032
(voice) 317/872-9529
(fax) 317/872-9885
(e-mail)wabsci@aol.com
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Carmel Downtown Economic ~evelopment Plan
Carmel, Indiana
Purpose of the Economic Development Plan
This Economic Development Plan is being developed for the sole purpose. of
underwriting specific redevelopment proposals which h1ave been offered byPedcor
Development for a site(s) in the immediate vicinity of the proposed Cannel Performing
Arts Center. The purpose of this Economic Developm9nt Plan is to assist in setting aside
a special Economic Development Area for the purpose of capturing tax increment
financing (TIF) incentives for the benefit of this propos~d development.
Economic Development Plan to Become a Part orlthe Integrated ED Plan
It is the intent of the CRC that this Economic DeveloprJent Plan, and designated
Economic Development Area, will become a part of thd Integrated Economic
Development Plan, as amended. The CRC previously 9reated a series of Economic
Development areas in and around the urban core area, including one redevelopment area,
and developed an integrated series of plans and strategi~s for the purpose of generating
wholesale economic development and redevelopment of-these areas, both individually
and collectively. The CRC has developed an integrated plan itemizing the individual
strategies and projects within each Economic DeveloprJent Area and Redevelopment
Area, as well as integrating all projects from all areas iJto a single, functiQning whole.
It is the intent of the CRC that the Carmel Downtown ~conomic Development Area will
become a part of the integrated Economic Development and Redevelopment Areas, with
all projects and strategies integrated and coordinated wi~h one another.
Area Previously Designated forTIF Incentives
The public should know and understand that the Economic Development Area proposed
herein for designation does not include any parcels that lare not already designated to
receive TIF incentives. The entirety of this Economic IDevelopment Area was previously
designated as part of the original I 26th Street Economi6 Development Area, and/or as
part of the City Center Redevelopment Area.
As result of these considerations, this new Economic Development Area is expected to
have no impact, whatsoever, on the total amount ofTIF revenues collected by the City of
Carmel.
Intent of this Economic Development Area Designation
By designating a separate Economic Development Ared,the Carmel Redevelopment
Commission (CRC) can specifically designate that TIF ~evenues resulting from the
proposed development can be captured by the CRC andl dedicated to support the specific
developer (Pedcor) as development incentives for CRCtpproved projects.
Intent to Designate Two Separate Tax Allocation Areas
It is the intent of the CRC to designate two separate taxlallocation areas within this
Carmel Downtown Economic Development area. This single Economic Development
Carmel Downtown Economic Development Plan
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Area will therefore serve the purpose of creating two s~parate tax allocation areas for the
purpose of supporting two separate projects, although all' projects proposed by Pedcor are
seeking TIF incentives to develop integrated parking fatilities in cooperation with CRC,
in order to support public uses in the City Center area.
Description of the Proposed Economic Development Area
The proposed Economic Development Area consists of/the following parcels as
designated in the Proposed Master Plan, as developed b~ CSO Architects, and approved
by the CRC. The parcels shown on the Carmel City Cehter Proposed Master Plan which
are to be included in this Downtown Economic Develo~ment Area are listed as follows:
Parcel #5
Parcel #4
Parcel #11
Parcel #7
Parcel #2
703,730 s.t.
39,300 s.t.
21,650 s.f.
(partial)
(partial)
The Carmel Downtown Economic Development Area will also include contiguous rights
of way for City Center Drive and 3rd Avenue SW for co!ntiguity purposes. (A more
detailed legal description will be included in the Declarktory Resolution.)
Incorporation of Previoul Findings
This Economic Development Plan specifically incorpoltes any and all previous findings
of fact and findings of blight related to previous design~tions of economic development
areas and/or redevelopment areas for the purpose of ca~turing TIF revenues. As such, in
addition to the specific findings of fact offered below, this Economic Development Plan
also officially incorporates previous findings of fact rel~ted to the designation of other
Economic Development Areas in the immediate vicinity, as well as the findings of blight
that were previously approved as part of the City Centet of Redevelopment Plan.
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The incorporation of previous findings is undertaken with the direct intent of enabling the
CRC to supplement the specific findings of fact offeredl in this Economic Development
Plan, in the event of legal or public disputes. Any citiz~n seeking full documentation of
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all findings related to this designation should consult this Economic Development Plan as
well as the other Economic Development Plans and Redevelopment Plans, as amended
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and promulgated by the CRC, including the Integrated Economic Development &
Redevelopment Plans of the CRC, as amended.
. Findings of Facr
Indiana statute IC 36-7-14 provides for the formation of an Economic Development Area
in accordance with the following criteria:
1. The plan for the Economic Development Area: promotes significant opportunities tor the
gainful employment of its citizens; attracts major new business enterprise to the unit (of
Carmel Downtown Economic Development Plan
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government); retains or expands a significant business enterprise existing in the unit, or;
meets other purposes of redevelopment and econorhic development.
2. The plan for the Economic Development Area canndt be achieved by regulatory
processes, or by the ordinary operation of private en~erprise because of: lack of public
improvements, existence of improvements or conditipns that lower the value of land
below that of nearby land; multiple ownership of land; or other similar conditions.
3, The public health and welfare will be benefited bythi plan for the economic development
of the area,. I.
4. The accomplishment of the plan for the Economic Development Area will be a public
utility and benefit as measured by: the attraction or r~tention of permanent jobs; an
increase in the property tax base, or; improve the diJersity and economic base or other
similar benefits.
5. The plan for the Economic Development area conforms to other Development and
Redevelopment Plans of the unit.
Finding of Fact #1: (t.. .the plan promotes significant opportunities for the gainful
employment of its citizens; attract major new busin~ss enterprise,: retains or
expands a significant business enterprise existing 1n the unit...."
Designation of the Carmel Downtown Economic Devel@pmentArea is undertaken for the
specific purpose of promoting development proposals frrm a developer; Pedcor. Pedcor
currently has ongoing business activity in the City Cent~r area. Pedcor provides
employment opportunities to the citizens of Cannel, as tell as the Indianapolis
metropolitan area, and Pedcor has expressed a stated intent to expand their business
enterprises in the Cannel Downtown Economic Develo~ment Area.
In addition, it is the stated intent of Pedcor to develop rell estate within the Cannel
Downtown Economic Development Area for the purposk of attracting new business
enterprise to the newly designated Economic Developm~Ilt Area. The stated intent of
these developers is to develop commercial business spade that will be offered to the
business marketplace for the purpose of housing new, eJisting, and relocated businesses
into the Carmel Downtown area. -
The CRC is responding directly to development proposals by Pedcor, and as such, it is
detennined that the proposed Economic Development Mea meets this statutory finding
of fact.
Finding of Fact #2: "the plan... cannot be achieved 'by regulatory processes or by
the ordinary operation of private enterprise becaus~ of lack of public
improvements. .. or other similar conditions. " I
The development proposals which have been received Pedcor cannot be achieved through
regulatory processes, nor through the nonnal operation d1f private enterprise. The general
area has been designated for urban redevelopment for an extended period of time.
Furthennore, the City Center Redevelopment Area was designated with a full
complement of findings of blight, indicating that the are~'was suffering from urban .
deterioration and other blighting influences. The parcelJ being designated for the, Cannel
Carmel Downtown Economic Development Plan
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Downtown Economic Development Area were previously. designated as part of an area of
suffering from urban blight, thereby also making the bli~ht findings relevant to this ED
Plan. I
This action to "fe-designate these parcels as a separate E€onomic Development Area is
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being undertaken in full recognition of the previous designation as part of the City Center
Redevelopment Area. The additional findings of fact nJcessary to meet the statutory
requirements for designation of an Economic Developrrlent area are intended to
supplement, rather than replace, the findings of blight, Jrhich were originally a part of the
redevelopment area designation. As stated above, this Economic Development plan
hereby incorporates and integrates all previous findings lof fact and findings of blight
appropriate to designation of the Economic Development areas and Redevelopment areas
affecting the central part of the City of Carmel.
Having stated these premises, the CRC takes the position that implementation of the
strategies incorporated into this Economic Developmen~ Plan cannot be achieved by the
regulatory processes or by the ordinary operation of pri~ate enterprise. The City Center
Redevelopment Plan clearly stated an extensive intent on the part of the City of Carmel to
develop a broad range of public improvements, possiblyl including a performing arts
center, an art museum, various new streets in roads, varipus improvements to existing
streets in roads, e.xpansion/enhancement of public parking facilities, and other forms of
public improvements, in addition to a substantial increa~e in developmental intensity as
proposed by the City Center Redevelopment Plan.
The CRC has meticulously negotiated with an extensive series of property owners and
developers for the purpose of implementing the strategies and projects contained in the
Integrated Economic Development Plan. These extensi~e efforts have resulted in
extensive redevelopment projects undertaken in the vari6us economic development and
redevelopment areas. These successful results serve to dnderscore the reality that the
Integrated Plan for the Economic Development Area (inbluding the component economic
development and redevelopment plans) cannot be achie~ed by regulatory processes or by
the ordinary operation of private enterprise. Without the extensive efforts of the CRC to
intercede on behalf of redevelopment projects, it is unli~ely that any of these projects
would have taken place.
Similarly, the developers involved in the projects proposed for the Carmel Downtown
Economic Development Area have indicated that neithei regulatory processes nor the
ordinary operation of private enterprise can generate the Itype of projects which are being
proposed in this case. In all cases, the property designated for the Carmel Downtown
Economic Development Area cannot be developed or redeveloped to its highest potential
without the intervention of economic incentives.
The CRC has been consistent in all of its planning and s~rategic development. In every
case since the inception of the CRC, the CRC has taken the position that major public
improvements will be necessary in order to redevelop this area using a level of intensity
commensurate with an urban core. The CRC's strategie~have consistently incorporated
the need for new roads and thoroughfares to handle increased traffic, as well as enhanced
Carmel Downtown Economic Development Plan
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and improved parking facilities to support the community-based uses which are intended
for the area. . I
The entirety of the CRC strategy depends upon making major public improvements in
order to enable the Carmel Downtown Economic Develbpment Area to increase its
developmental intensity so as to serve a city with a poprllation approaching 100,000
people, and a metropolitan (Hamilton County) area of n~arly 200,000 population.
Clearly, the public improvements serving this area, inclJding roads, bridges, and parking,
:-vere originally designed to s~rve a small town. Theref+e, if develo~mental intensity is
Increased to serve a communIty of 50,000-100,000, or more, there wIll be a need for
major public improvements.
The sum of these. arguments leads to only one possible c1onclusion - that the CRC can
only achieve its development and redev~lopment goals through the creative application of
development partnerships. In creating those partnershipk, economic development and
redevelopment incentives can be applied to those develobment proposals which meet the
CRC's criteria and vision, but in no case can the simple bperation of private enterprise or
the simple application of regulatory processes lead to a duccessful outcome. As such, the
proposed Carmel Downtown Economic Development Mea is determined to meet this
statutory finding of fact.
Finding of Fact #3: {(the public health and welfare will be benefited... "
The proposal to create the Carmel Downtown Economic Development Area will benefit
the public health and welfare in several ways, as follows:
1. The public welfare will be benefited by providing new ~obs and significant opportunities for
employment of the citizens of Carmel, as a result of t~e proposed developments.
2. The public welfare will be benefited by introducing ne~ opportunities for entertainment
and cultural enhancement in and near the Economic DevelopmentArea, as well as jobs
directly related thereto, . I
3. The public welfare will be benefited by creation of ne'f assessed value within the
Economic Development Area thereby enhancing the tax base of the community.
4. The public health wi"ll be benefited by improvements tb safety features and local
transportation and infrastructure which are designed t6 reduce the incidence of traffic
accidents, including pedestrian's struck by vehicles, a~ well as vehicular accidents.
5. The public health will be benefited' by thoroughfare im1provements which reduce traffic
congestion and thus improve local air-quality. I
6. The public health will be benefited by introducing and enhancing exercise and
recreational opportunities to citizens of the urban core.
It has been the CRC's strategy since the beginning to eJance the quality of life in
Carmel by improving the downtown and City Center arek: to offer more arts, recreational,
and cultural opportunities to citizens of Carmel and its rrletropolitan area. Effectively,
"quality of life" and "public health and welfare" are syndnymous terms. Therefore, the
CRC hereby asserts that this statutory finding is satisfied.
Carmel Downtown Economic Development Plan
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Finding of Fact #4: te... accomplishment of the plan will be of public utility... as
measured by: the attraction or retention a permanent jobs; an increase in the
property tax base... or other similar benefits. " I
The CRC hereby asserts that the accomplishment of this Economic Development Plan,
including its goals, objectives, strategies, and projects, till be of public utility, as defined
in the statute. The development proposals offered by Pedcor propose to increase the
number of permanent jobs in the downtown area, aswe]l as helping to retain existing jobs
which are already located in this area.
In addition, it is clear that the proposed developments 'ill also increase the property tax
base, as well as diversify the economic base of the City 'of Carmel. These proposed
developments will help the City to attract and retain a btoad range of new businesses,
including small, start-up businesses, as well as intermed~ate-and large-sized businesses.
Many of these businesses could not be attracted or retai~ed, or otherwise would not be
permitted to grow, without developments such as the on~s proposed by Pedcor. While
Carmel has a number of areas where major new office dl.evelopment is occurring, the
number of these types of facilities in the downtown area is extremely limited.
The CRC is seeking to capture new business developmelt in the downtown area,
including Old Town, City Center, and the Arts District, ~s well as the Camrle Downtown
ED Area, in order to diversify the city's economic base, increase its property tax base,
and provide a stable and growing opportunity for emplo~ment in the area. Therefore, it is
determined that this Economic Development Plan satisfies this statutory finding of fact.
Finding of Fact #5: "the plan for the Economic Devl/opment Area conforms to
other development and redevelopment plans of thJ unit."
The CRC hereby asserts that the Carmel Downtown Ecdnomic Development Plan
conforms in every respect to the other development and !redevelopment plans for the area.
As stated previously, the area to be designated as the Carmel Downtown Economic
Development Area was previously designated as part oflthe City Center Redevelopment
Area, as well as being included in the Integrated Economic Development Plan. As such,
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these previous ED & RDPlans were found to be in con~ormity with the comprehensive
plan oft.he City, by repeated action and affirmation oft~e Carmel Plan Commission over
time. Despite the change in designation sought herein, all previous planning documents
prepared by the CRC were reviewed in full by the City, ~s well as the Plan Commission,
and were previously found in all cases to conform to the overall plan of development for
the area.
This Economic Development Plan alters none of the prerious findings with regard to
conformity. The City and the Plan Commission have w@rked cooperatively since the
inception of economic development and redevelopment rfforts by the CRC. This
Economic Development Plan cannot reasonably be interpreted in any manner that does
not conform to the overall plan of development and rede!velopment for the City of
Carmel, and as such, is expected that this statutory findi~g of fact is satisfied.'
Carmel Downtown Economic Development Plan
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Fi~ding of Fact #6: ".. .or othe,: similar ~enefits. .." I . .
ThIS ED Plan hereby affirms the IncorporatIon of all preVIOUS findIngs of fact and
findings of blight, as reported in previous. ED & RD Plabs for the area now being
designated as the Carmel Downtown Economic Development Area, as stated previously.
The previous findings of blight related to the City Centdr RD Plan remain relevant to the
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intent and purpose of this ED Plan in all respects. This ED Plan is simply offered as a
method for separating the economic/TIF impact of the ~edcor development proposals for
the purposes of affirming a public/private partnership which can develop the parking
necessary to support proposed public sector uses within the City Center .area.
This ED Plan therefore incorporates all previous findings of fact and findings of blight
relevant to this ED Plan, and previously contained in thJ ED & RD Plans for the general
area, as well as the Integrated Economic Development cfud Redevelopment Plan for the
area, as amended. The CRC hereby asserts that this protision addresses the statutory
finding of , 'other, similar benefits" to the ED Area.
Economic Development Strategy & Projects
The CRC seeks to designate the Carmel Downtown Ecolomic Development Area for the
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purpose of promoting specific, private sector projects which have been preliminarily
presented to the CRC for consideration. The CRC's stra~egy for designating this
Economic Development Area is primarily directed at th~ formation of partnerships with a
developer (Pedcor) possessing the professional capabiliiy to successfully implement
development projects which are compatible with the cRlC's vision ofthe City Center
area.
Pedcor has a successful track record in assisting the City 'and the CRC with a successful
redevelopment implementation. As a result, the CRC isl extremely comfortable in
developing additional partnerships for the projects prop@sed herein. The CRC believes
that implementation of these projects will result in rede1elopment of the City Center at an
appropriate level of intensity, and with high-quality development standards.
As stated previously, this Economic Development Area is being designated explicitly for
the purpose of supporting the projects proposed by pedc1or, and therefore the strategy for
this Economic Development Area relies heavily upon tHe representations made by Pedcor
in approaching the CRC.
Pedcor proposes to develop a number of projects in the economic development area,
including office buildings, hotels, and other facilities, cdriforming to and complementing
the CRC's plan for redevelopment of the City Center. Tihe CRC has reviewed Pedcor's
proposal and has determined that the proposal has suffi9ient merit to justify the creation
of a separate the economic development area (apart fro~ the City Center Redevelopment
Area), designated for the purposes of supporting thePedcor proposal, specifically.
On its most fundamental level, the City Center Redevellpment Plan proposes to
dramatically alter the developmental intensity of the Cit~ Center area. Similar increases
Carmel Downtown Economic Development Plan
8
in developmental intensity are also affirmed in the Old Town ED Plan, which also
compliments the City Center RD Plan. The City Centerl area was developed historically
as a low-intensity commercial and industrial corridor for the original Town of Carmel.
The most fundamental purpose of the City Center Rede~elopment Plan was to redevelop
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the City Center area into an urban core serving nearly 1 (])O,OOO people, with substantially
higher developmental intensity, including a broad range of urban attractions and
community-based activities.
This type of shift in developmental intensity is common to growing metropolitan areas.
Virtually every growing city in the United States has faced the need to urbanize its core
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in order to maintain its competitiveness and economic viability. This increase in
developmental intensity must be accompanied by an inctease in the infrastructure
capacity of the area in order to serve the new, more inte~se, development.
TIF for Parking Facilities
The primary activity to be undertaken by the CRC as a result of the designation of the
Cannel Downtown Economic Development Area is to p~ovide parking to serve the
overall redevelopment activities for this economic develppment area, as well as the City
Center Redevelopment Area. Under low-intensity design parameters, parking was/is
provided using surface lots surrounding one-story buildihgs. Under design parameters
for more intense urban cores, buildings are multi-story, kd parking is provided either
underground, or in parking structures.
The Pedcor development proposals include provisions tq cooperate with the CRC in
development of structural underground parking in quantities sufficient to serve Pedcor's
developments, as well as serving the public uses proposJd for the City Center. These
parking structures have not yet been designed, and as suth, it is too early to detennine the
exact number of such spaces, or their configuration.
This Economic Development Plan projects the need for [900-2100 parking spaces to
serve the overall parking need of the fully-redevelop Cit~ Center. Using unitized cost
estimates of$17,500-$25,000 per space for structural patking, the estimated cost of
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developing the estimated number of parking spaces would be approximately
$35,000,000-$55,000,000.
Obviously, these estimates of cost and parking demand must be refined as specific design
parameters are established, and specific site conditionsa~e known. However, for
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purposes of this Economic Development Plan the overall cost for providing all parking to
serve the area is expected to be within this range.
By establishing a cooperative partnership with Pedcor, il1lcluding the provision ofTIF
incentives, the CRC can assure that Pedcor's developme~ts are coordinated with and
complementary to any development of public spaces ult~mately chosen for City Center.
There can be no question that the substantial increase in ~evelopmental intensity
proposed by the City Center Redevelopment Plan will r9quire additional parking.
Further, there can be no question that surface parking is not a viable option in the urban
Carmel Downtown Economic Development Plan
9
core. Consequently, the CRC must explore alternatives for development of parking
structures, either above-ground or underground.
In pursuing this partnership with Pedcor, the CRC can assure that parking needs for
public facilities are addressed at the same time as privat~ development proposals are
considered. The CRC's strategy of building public-priv~te partnerships for the purpose of
elevating the quality of the City Center redevelopment Jttempts to assure the best
possible result from this activity. I
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Carmel Downtown Economic Development Plan
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